For the first time, Wang Lu explained the birth process of Lending Treasure in detail, and faced entrepreneurship from 0 to 1.
Zhongxin. com, October 13 th, in the era of mass entrepreneurship and innovation, who can step on the pulse of the times?
Over the past year or so, new concepts and models of the Internet finance industry have emerged one after another. Recently, a phenomenal App product "Lending Treasure" has aroused widespread concern and heated discussion. Since its launch, its downloads and registrations have soared, and its downloads have long been at the top of the App Store. At the same time, due to its breakthrough innovation and popular promotion, Lending Bao has attracted fierce controversy and become the focus of public opinion. In this regard, Wang Lu, the confident CEO of Lending Bao, has some "worries". What is his inner monologue in the face of criticism? What is the truth behind those rumors? Wang Lu, CEO of Renrenxing Technology Co., Ltd., was interviewed exclusively by Zhongxin.com Financial Channel, and walked into the heart of this young entrepreneur.
Fortunately, Xiao Que in Jiuding culture makes execution exceed imagination.
When it comes to Renrenxing Technology Co., Ltd., which launched the popular "Lending Treasure", we have to mention its controlling shareholder-the famous Jiuding Holdings. Jiuding Holdings is a leading financial holding group in China. Jiuding Investment, a subsidiary of Jiuding Holdings, is the top private equity investment management institution in China (stock code: 430719) and the first PE share in China, with a market value of over 100 billion yuan.
Zhongxin.com Financial Channel: How did your professional experience begin? How was the loan treasure born?
Wang Lu: In 2012, in my last year of studying at Peking University, I was lucky enough to enter Jiuding as an intern. That year happened to be known as the cold winter in the PE world, but I passed the interview on Jiuding’s campus that year, continued to re-examine, entered Jiuding’s internship, and took the only return offer of the year and officially entered Jiuding’s work. Fortunately, in less than a year, he became the assistant of Mr. WU GANG, the chairman, to help him deal with investment matters, and then he was responsible for the preparation of Jiuxin Financial Platform.
Late one Sunday night in December, 2014, I received a phone call from a chairman, Mr. Wu, who asked me to bypass more than half of Beijing and rush to the company. When I arrived at the company, I found that several partners of Jiuding were here. They told me that they had a very interesting idea and wanted to create a new project, that is, lending treasure. I was also very excited after listening to it, so we had a more in-depth and detailed discussion on the plan overnight and started to form a team the next day. In March, internal testing, launch in June and promotion in August, Lending Bao was born at an amazing speed.
Voice-over: For Wang Lu, born in 1988, some people say that Wang Lu went too smoothly, while others say that Wang Lu is lucky. However, as we all know, Wang Lu not only has the aura of walking to Peking University and getting full marks in mathematics and physics in the college entrance examination, but also has a clear logical mind, strong execution and diligent work style. This may be the reason why he took on the heavy responsibility at a young age, and it is also the first impression he left for reporters.
Flying Wings Nuggets the Credit Value from the Financial Age
In the eyes of Jiuding’s five partners and Wang Lu, from the perspective of industry development law and market demand, the business logic of Lending Bao is very self-consistent and conforms to the industry development law, which is also the source of Lending Bao developers’ full confidence in products.
Zhongxin.com Financial Channel: Why do you think that the business logic of Lending Bao is full of market prospects?
Wang Lu: From an industry perspective, we are very optimistic about the development of Internet finance. Because finance is very suitable for internet, because finance is essentially data flow and information flow, just like records. Therefore, we have been paying close attention to the field of Internet finance, watching many related projects and making some investments. However, at this stage, the change of finance or the integration of the two is still in a relatively primary stage, mainly manifested in the internetization of funds. That is to say, the internet is more responsible for the function of channels, and everyone sells the assets obtained offline on the internet through various forms. One of the most important links in finance is operating risk and pricing risk, or eliminating information asymmetry. Big data is a direction, but everyone is still exploring it. The key is that there is too little data related to personal credit. On the other hand, from the perspective of Internet financial participants, the mainstream expansion mode of assets is still based on the traditional credit perspective and offline. The acquisition of high-quality assets will definitely become a bottleneck for the development of many platforms. Based on this logic, our most optimistic development direction of Internet finance is to innovate through the Internet in risk pricing and online acquisition of assets, and to reduce the cost of these two links through the Internet.
The model of lending treasure is exactly in line with the above development direction. First of all, Lending Bao allows users to judge their friends’ credit through the connection mechanism between people on the Internet, and uses the "big data model" of the human brain to accurately perceive friends’ repayment ability and willingness, thus greatly reducing or even eliminating information asymmetry. In addition, it is very simple to publish the loan demand on the loan treasure, as long as you fill in the appropriate amount, interest rate, term and other data, you can publish it with one click. This "self-finance model" has truly generated high-quality assets online, thus breaking through the bottleneck of traditional Internet finance. In addition, compared with the traditional credit model, Lending Bao’s self-risk control, self-credit reporting, reputation loss due to breach of contract, and collection information provided by friends circle have huge cost and efficiency advantages, and the logic behind it is self-consistent.
On the other hand, from the perspective of users’ needs, what kind of problems can Lending Bao solve? Let’s analyze the most common borrowing behavior of ordinary people. In daily life, everyone has financing needs, such as temporary turnover, large consumption, and investment-oriented financing behavior. What channels do you usually choose to finance? First of all, credit institutions such as banks, but often cumbersome procedures, long cycle; Secondly, P2P online lending, but it often faces the trouble of high loan cost; Finally, it is borrowed from acquaintances, but there are various pain points. In fact, the current personal loan demand is far from being fully met. There are still many people with good reputation but strong loan demand who cannot obtain loans from existing banks and Internet financial platforms. The model of lending treasure can solve the above problems well. First of all, in the loan treasure, the information of supply and demand will be more symmetrical and transparent, and the efficiency of borrowing will be higher; The one-way anonymous mode makes borrowing less embarrassing and will not be torn in the future. After a period of practice, we found that as long as there are many friends, it is really easy to borrow money from the loan treasure. For example, it only took me 11 minutes to raise a sum of 200,000 yuan on it. Lending treasure can really meet the borrowing needs of many long-tail users. Everyone can legally and conveniently obtain funds in their circle of acquaintances only by relying on their own credit.
Zhongxin.com Financial Channel: Where is the social value of Lending Bao?
Wang Lu: As mentioned earlier, lending treasure can really improve the efficiency of social resource allocation and greatly meet the borrowing needs of consumers; In addition, compared with the traditional credit model, Lending Bao’s self-risk control, self-credit reporting, reputation loss due to breach of contract, and collection information provided by friends circle have huge cost and efficiency advantages. But we firmly believe that the value of the loan treasure goes far beyond this. I think the most important function of lending treasure is to "earn spreads".
Imagine a scenario in which a friend of yours borrows 20,000 yuan at an annualized interest rate of 15% on the platform. You are very appreciative of his credit, but you may not have enough cash to lend him for the time being, so you click the earn spread button and initiate a loan in your name with an interest rate of 12% in your circle of acquaintances. One of your friends trusts you and lends you money quickly. The system automatically transfers the money from your account to your friend who needs money. This is how the platform allows information and demand to flow in the most efficient way. You help your friend to raise the funds he needs as quickly as possible, and at the same time you make some money and play with it. The logic behind it is that everyone spends a lot of time and energy to build trust. But there has never been a tool that allows these trusts to be tapped and revitalized. Lending treasure just provides such a platform, so that you can help your friends and enjoy the fun of changing contacts into money and credit into cash. Therefore, making money instead of borrowing money is the main function of lending treasure. Anyone who has studied economics knows that human beings have two kinds of income, namely, property income and labor income, and through the original function of earning interest spread, Lending Bao can help users to revitalize and transform their accumulated contacts for many years, and gain income without investing any principal, thus generating the third income of human beings-credit income. I think this is the most important social value of the loan treasure.
The ultimate product in the eyes of Xueba science men
As a new case platform of mobile internet finance, Wang Lu described their pursuit and strength with a personal capital, namely "Pareto improvement": making some people’s situation better without making anyone’s situation worse. Based on the logic of product essence, from internal testing, optimizing payment experience to creating high-frequency demand, Lending Bao has been continuously optimized, iterated and refined.
Zhongxin.com Financial Channel: Lending Bao was launched in June from the beginning of its establishment, and it was only about half a year. In such a short time, how did Renren Bank team promote the birth of Lending Bao, an innovative mobile financial product?
Wang Lu: To develop a mobile financial product, we must first ensure its legality and compliance, so we have established a strong legal team; Secondly, it is to use strong execution to implement ideas and continuously optimize the user experience. In the process of research and development, problems are generated, analyzed and solved. We are not afraid of problems, and the soldiers will block the water. All problems are constantly optimized and iterated based on the principle of user experience first, but the most basic logic and initial intention of our products have never changed. What Lending Bao can provide for users is based on Palau’s improved and constantly optimized mobile Internet financial products. The social value of the birth of lending treasure is to make more people’s credit better and enjoy the fun of self-financing without making anyone’s situation worse, which makes us very proud.
Ignore troubles and let your feelings land with strength.
Lending treasure has attracted the attention of the whole people with its amazing growth rate, but under the high concern, it has also brought criticism and criticism. With a strong Jiuding culture, Wang Lu expressed his inner views, not that lending treasure does not talk about feelings, but that lending treasure should use its strength to make feelings land.
Zhongxin.com Financial Channel: From the growth of Lending Treasure, we have seen that Lending Treasure has been working hard. What is the real value of Lending Treasure in your opinion?
Wang Lu: As Peter Thiel said in From 0 to 1, there are two kinds of business in the world, one is from 0 to 1, and the other is from 1 to n. From 1 to n, it is actually a zero-sum market, and they stand on each other through competition. And from 0 to 1 is the real innovation. This process is to do what no one in the existing market does, discover new models and technologies, and establish a unique blue ocean. We are doing what no one has done before, whether it is an innovative acquaintance loan relationship model or the first large-scale use of face recognition system. What we are doing is Pareto optimization for the target users of Internet finance in the era of Internet finance, which can make lending simple and credit profitable. We are making a great attempt to improve the efficiency of social capital allocation. We will also pursue Pareto improvement for a long time to bring value to users.
Zhongxin. com Financial Channel: Lending Bao has come all the way. What do you think of it in the face of criticism and incomprehension?
Wang Lu: It is normal for anything new to be born without being understood. Lending Bao did activities when it was first launched. On the Internet, it was said that the 2 billion activities were fake, and people didn’t believe that we would send money to users with real money. We don’t worry, because we really give money, and when users put forward the bonus for inviting friends, this rumor naturally disappears. Later, users received money and became active on the Internet. Some people said that we were pyramid schemes. This slander makes us laugh and cry. We do encourage users to invite friends, but which pyramid scheme distributes money? Later, the voice was also small. Later, there were rumors that the bank card authentication and withdrawal password in the registration link were to obtain user information; This problem is not only a loan treasure, but also related to the whole internet finance industry. I hereby promise once again that we will never do anything illegal. In fact, the collection of bank card passwords is completed by jumping to the pages of bank-like financial institutions, and we simply cannot obtain this information.
In addition, we have been thinking about how to further improve product safety, while lowering the transaction threshold and optimizing the user experience, which is difficult to take into account in the traditional perspective. We cooperate with several top international portrait authentication institutions and use the most advanced face recognition technology to ensure that the registrant is himself, thus better ensuring the security of the transaction. Face recognition technology is an advanced biometric technology, and it is also strongly encouraged by the state to solve the security of Internet payment. This verification method is extremely accurate, but users can easily verify whether they are operating by doing some simple actions according to the prompts on the screen. Recently, this face recognition technology has been described by some people as recording a nodding video, because users need to blink, nod and shake their heads during the verification process, and the truth is that these actions are to verify that the tester is "alive". In addition, it is not recording a video at all, but just taking pictures for identity comparison.
Zhongxin. com Financial Channel: What do you think is the reason for all kinds of criticisms about Lending Bao? What do you want to tell the users most?
Wang Lu: Jiuding is a company that stresses facing problems objectively and dares to face difficulties. Lending Bao also continues this style. From 0 to 1, the process is full of twists and turns and thorns. Creating is always much more difficult than copying other people’s models. In the process of innovation, it is full of being unrecognized and criticized. However, we firmly believe that as long as we persist in creating value for users in a down-to-earth and sincere manner, users will certainly understand, use and embrace this platform, feel the most convenient experience of borrowing money and making money on the platform, and truly enjoy the fun of sharing the value of contacts and creating credit income on the platform.
Time will tell. Lending treasure is a platform that can make your credit generate value, and it will be one of the best products under the financial trend in the future.